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Reply #36: Hanky panky - Commentary: Are we trading against Hank Paulson? [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-30-08 07:00 AM
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36. Hanky panky - Commentary: Are we trading against Hank Paulson?
http://www.marketwatch.com/news/story/we-trading-agains...

By Todd Harrison
Last update: 12:01 a.m. EDT July 30, 2008

NEW YORK (MarketWatch) -- They say the friction between opinions is where true education lies. If that's true, we've officially entered the realm of higher learning.

As both sides of the societal chasm haggle over how the market -- and, by extension, the economy -- is being handled, Treasury Secretary Hank Paulson has found himself in the center of the storm.

Perhaps that's a fitting role for the former chairman of Goldman Sachs (GS), a man who deftly sold his equity holdings tax-free when he took the position in 2006. If anyone knows how the game is played, it's Hammering Hank. When pressed on policy, he recently responded, "I'm playing the hand I've been dealt."

<snip>

You always want to know what the party on the other side of your trade is thinking. When that party is the United States of America, the stakes rise in kind.

You may not agree with the socialization efforts, but you must certainly respect them. With the election less than four months away, the eyes of the world are upon our capital markets. That lens isn't lost on policy makers who seemingly have two separate initiatives.

First, they want to break the bearish credit bets currently being made by global macro hedge funds. They're attempting to do this by squeezing stocks higher through the enforcement of the short-sale rule, an initiative aimed at 19 select financial institutions but widely expected to soon include a broader swatch of equities. See Minyanville column.

...more...


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